California screaming for Cambridge genomics technology
Silicon Valley investors have taken stakes in Cambridge UK business PetaGene.
Following swiftly on the heels of signing a major contract with a global pharmaceutical company, PetaGene has hooked another $2.1 million in funding.
Its data compression technology is seen as key to democratising personalised medicines. MIT spin-out Romulus Capital led the round with participation from other investors based in Silicon Valley and London, including Entrepreneur First backed by Greylock Partners in Menlo Park, California.
The latest investment brought PetaGene’s total funding to $3.2m and will help the company grow its technical team based in Cambridge as well as its global sales team, and further expand the company’s product offerings. Romulus Capital is an early stage VC fund founded out of MIT in 2008. It focusses on building technology and science-enabled companies.
It seeks to invest in companies selling technology that solves real problems in large traditional industries or deep technology companies that have spun out of top-tier research groups.
Krishna K. Gupta, founder and general partner of Romulus Capital said: “I was impressed by what part of the genomics value chain PetaGene was targeting with its best-in-class compression software when we made our initial investment in 2017.
“Since then, its ability to successfully develop its product for the cloud and the strong interest from potential customers have only served to reinforce our view.
“PetaGene offer powerful solutions for a growing industry and we’re delighted to support the business as it plays its part in democratising personalised medicine.”
PetaGene co-founder Dan Greenfield added: “Romulus has been amazing in helping us grow and overcome challenges. It has really really rolled up its sleeves to help us build a better company.
“Entrepreneur First is a fantastic community and we’re proud to be part of it. Two years on, and we regularly catch up with our mentors who continue to give us great advice.”